CAIRO: Egypt has signed four agreements with international energy firms worth over $340 million to boost oil and gas exploration in the Mediterranean and Nile Delta, the Petroleum Ministry announced on Saturday.
The deals, signed by state-owned Egyptian Natural Gas Holding Company (EGAS), include the drilling of 10 wells as part of efforts to strengthen exploration and production. The ministry noted that Egypt, once a key regional exporter, has increasingly relied on imports due to declining output from ageing fields and limited investment in new projects.
Gas production in May stood at 3,545 million cubic metres — more than 40 per cent lower than March 2021 levels.
Among the new agreements, Shell secured a $120 million deal to drill three wells in the Mediterranean’s Merneith offshore area, while Italy’s Eni signed a $100 million contract for three wells in the East Port Said offshore block.
By Reuters
